To avail NRI loans person has to fulfill NRI Loan Eligibility criteria which differs from one organization to another. Firstly to avail a NRI loan a person should be a graduate.
Secondly NRI should be earning a minimum of 2,000 US dollar as monthly income. This criterion differs based on organization or bank from where you are taking loan. Usually in NRI Home Loan, the loan amount does not exceed 85 per cent of the cost of property. This is applicable only to NRIs living abroad and not India residents.
Rupee Zone is one such financial organization who helps NRIs to get appropriate NRI Loans in India based on their needs and requirements. The best part of these NRI Loans is that the loan amount is released through a convenient method. Some of the organization prefers to do it by the way of demand loan while others opt for the exceptional method of overdraft. Both these methods are convenient it depends on borrower’s choice.
In demand loan method, the whole loan amount is transferred directly to the mentioned account of the NRI applicant by the means of demand draft or pay order. In other method borrower has to open a current account and then can withdraw the desired amount by the means of cheques. Both these methods are reliable and completely safe.
Now let us discuss repayment process for NRIs. According to the general rule the resident of India can easily repay the loan amount from his savings account but NRIs cannot do this. All the NRIs need to pay his monthly installments through his non-resident-ordinary (NRO) or non-resident-external (NRE) account. An Indian resident can repay the loan in the span 20 years whereas an NRI has to repay the loan amount within 15 years.
The best part of NRI Loans is that NRIs can avail different type of loans like NRI Home Loans, NRI Car Loan, NRI Loan against property and NRI Personal Loan.
As we all know loan amount is given out on repayment capacity. Moreover if you are NRI proper calculation is made based on your savings and credit history, monthly and annual income, work experience, source of income, qualifications, age, number of dependents and some more crucial factors. You will also have to give something as security it can be property or anything worthwhile. Also all your original documents would be needed for the verification.